White Knight

[cybersssss]

The deal should be sweetens. I agree with STAVROS On that. Also oil search cannot be held in usd now. They should form an adr for the new shareholders at a minimum. This must happen if you really want to ride the upside.

[Martinistocks]

Tree that all makes great sense. And I recognized this last night. But after being to the mountain top feels like we was robbed. MH took us all down fiscally, but perhaps he had no choice because of the positions the company was in during the transformational deal and currently. However, perhaps he did not need to spend millions on the other fields and the wells because to IOC and this transaction they meant bupkas (nada, nothing) . Now as an OSH shareholder maybe we benefit slightly on the sale of gas from the other fields or in a sale to their (our new) partner Exxon.

[Tree]

Tree that all makes great sense. And I recognized this last night. But after being to the mountain top feels like we was robbed. MH took us all down fiscally, but perhaps he had no choice because of the positions the company was in during the transformational deal and currently. However, perhaps he did not need to spend millions on the other fields and the wells because to IOC and this transaction they meant bupkas (nada, nothing) . Now as an OSH shareholder maybe we benefit slightly on the sale of gas from the other fields or in a sale to their (our new) partner Exxon.

Though not perfect, Hession has done us good.  He came in with time running out and hammered a great deal with TOT, great that is, IF we have resource recert upside. Phil always wanted both unrealistic top $/M and to be paid for upside up front.  Not happening. Then he fought off OSH arbitration (possibly aided by his own TOT deal framework).  He's shown banks why we are credit worthy, he's played as loyal JV partner and delivered us a deal which many of us on this MB have long recommended as making the most sense on many levels for IOC.  This deal still gives us the recert upside.  I'm not worried about OSH gaming the T count to pay us less.  These players are willing to spend bazillions trying to find gas and are more than willing to pay us what is a truly independent  recertification #.  PNG Gov't will require this, they don't want to be seen as aiding a masive rip-off in their resource development market.

[CAC]

[quote='Martinistocks' pid='69736' dateline='1463750056'] Tree that all makes great sense. And I recognized this last night. But after being to the mountain top feels like we was robbed. MH took us all down fiscally, but perhaps he had no choice because of the positions the company was in during the transformational deal and currently. However, perhaps he did not need to spend millions on the other fields and the wells because to IOC and this transaction they meant bupkas (nada, nothing) . Now as an OSH shareholder maybe we benefit slightly on the sale of gas from the other fields or in a sale to their (our new) partner Exxon.

Though not perfect, Hession has done us good.  He came in with time running out and hammered a great deal with TOT, great that is, IF we have resource recert upside. Phil always wanted both unrealistic top $/M and to be paid for upside up front.  Not happening. Then he fought off OSH arbitration (possibly aided by his own TOT deal framework).  He's shown banks why we are credit worthy, he's played as loyal JV partner and delivered us a deal which many of us on this MB have long recommended as making the most sense on many levels for IOC.  This deal still gives us the recert upside.  I'm not worried about OSH gaming the T count to pay us less.  These players are willing to spend bazillions trying to find gas and are more than willing to pay us what is a truly independent  recertification #.  PNG Gov't will require this, they don't want to be seen as aiding a masive rip-off in their resource development market.

*****

Still trying to understand this in the context of "either/or".  How is this better than staying with the plan that Hession said would make us a $9B company in a few years?

[kerekesc]

Perhaps I missed it, but I don't recall seeing where Hession's place is in this merged company.  What amount of compensation will he get for crafting this wonderful deal which is in the "best interests" of all shareholders?

[ArtM72]

Exactly. LT pps appreciation just like before, is our hope in this.

just how much LT appreciation is left after OSH gives away 60% of IOC assets and the rest are diluted to thin drool?

I like this deal when placed in a perspective of reality.   But, if Jeffrey Dalmer never ate kids he'd be a normal guy.

Hohohoho. Good one. But then we don't know that either.

This was a grand deal to be sure and it was stuck right up the asses of us retail investors.  The question becomes did this deal screw a sufficient number of investors who were not party to the transaction, err, the Sting. Sting as in Redford, Gondorff.

[sageo]

We should FIGHT to get a fair deal. Not a deal that is GREAT for OSH and GREAT for TOTAL and SHIT for IOC 1. 25% of OSH for us; not 14% 2. CVR at US$ 1.0 per mcfe; not US$ 0.77 per mcfe 3. CVR with a Floor Price of US$ 30.00 If we vote NO ... do you think TOTAL and OSH will be allowed by the Government to walk away from the deal? We must vote NO and get the deal improved so that it is a VERY GOOD DEAL for all three companies

  Stavros - Can't wrap my brain around why any  shareholder would vote for this deal . When certification (with A 7) should get us near the 2 billion dollar figure, why would our pathetic  bods even consider 2.2 billion for ALL of our great assets. Just mind boggling to me. Just simply "nutso" .

[AU74]

We should FIGHT to get a fair deal. Not a deal that is GREAT for OSH and GREAT for TOTAL and SHIT for IOC 1. 25% of OSH for us; not 14% 2. CVR at US$ 1.0 per mcfe; not US$ 0.77 per mcfe 3. CVR with a Floor Price of US$ 30.00 If we vote NO ... do you think TOTAL and OSH will be allowed by the Government to walk away from the deal? We must vote NO and get the deal improved so that it is a VERY GOOD DEAL for all three companies

  Stavros - Can't wrap my brain around why any  shareholder would vote for this deal . When certification (with A 7) should get us near the 2 billion dollar figure, why would our pathetic  bods even consider 2.2 billion for ALL of our great assets. Just mind boggling to me. Just simply "nutso" .

Isn't it $2.2 billion plus the eventual value of the CVRs?  If the CVRs are worthless, that implies $2.2 billion is a pretty good price, doesn't it?

[admin]

["Stavros - Can't wrap my brain around why any  shareholder would vote for this deal . When certification (with A 7) should get us near the 2 billion dollar figure, why would our pathetic  bods even consider 2.2 billion for ALL of our great assets. Just mind boggling to me. Just simply "nutso"]

But it isn't. If certification including A7 does indeed "get us near the 2 billion dollar figure" under the old Total certification payment it will also produce substantial upside under the new OilSearch payment ($6.05 per share for every Tcfe above 6.2Tcfe).

I'm not jumping for joy, but it isn't that bad either.

[CAC]

[quote='admin' pid='69780' dateline='1463765660']

["Stavros - Can't wrap my brain around why any  shareholder would vote for this deal . When certification (with A 7) should get us near the 2 billion dollar figure, why would our pathetic  bods even consider 2.2 billion for ALL of our great assets. Just mind boggling to me. Just simply "nutso"]

But it isn't. If certification including A7 does indeed "get us near the 2 billion dollar figure" under the old Total certification payment it will also produce substantial upside under the new OilSearch payment ($6.05 per share for every Tcfe above 6.2Tcfe).

I'm not jumping for joy, but it isn't that bad either.

*****

But compare the actual numbers. $2B from TOT under the old deal still leaves us with our remaining chunk of E/A.  If you run the pro rata numbers, than might be worth another $1.7B.  That's a total of $3.7B...or $74 per share...just for E/A.  No way the sale to OSH gets us anywhere near that.